Genting Group paying US$12 million to end Empire Resorts deal case

Genting Group paying US$12 million to end Empire Resorts deal case

(June 16): Malaysian gaming giant the Genting Group and former Empire Resorts Inc board members will pay US$12 million to end investor litigation over the New York casino operator’s take-private buyout, according to court filings Tuesday in Delaware.

The deal would resolve claims that the US$9.74-a-share transaction in November 2019 was the result of pressure by Genting Malaysia Bhd and Kien Huaty Realty III Ltd., two affiliates of the Genting Group business empire controlled by Malaysian-Chinese billionaire Tan Sri Lim Kok Thay.

http://www.theedgemarkets.com/article/genting-group-paying-us12-million-end-empire-resorts-deal-case